Stellar Price: Lumens (XLM) Down By Nearly 10%, What Will It Take To Push The Bears Out? Friday, November 23rd
Stellar Lumens Down By Nearly 10%, What Will It Take To Push The Bears Out?
The market has been taking one step forward, two steps behind. Every time prices seemed like they had bottomed and a correction was underway, it was followed by further drops. After yesterday reporting on some marginal gains all around the market, the sleeping bears have woken up today- November 23. Most coins have today broken key support levels with bitcoin falling below $4,400, Ethereum struggling to stay above $124 and XRP currently fighting to stay above $0.41.
XLM/USD Price Chart, Friday November 23rd:
Stellar Lumens is one of the top cryptocurrencies that is currently losing the fight and bears are having their way with prices. At the time of press, Stellar is down by nearly 10% and is going for $0.1773. Since November 12, Stellar has dropped from $0.28 and after struggling to stay above the $0.20 for days, earlier this week on Tuesday, it broke the support level and fell to lows of $0.18. This was followed by a bounce back to $0.19 and the week has seen Stellar bounce between $0.20 and $0.19. Today, the coin is again retesting the $0.18 support level.
Before this recent drop, Stellar had avoided the $0.18 position since July 12.
Luckily, it seems that the coin has found support at this level. This will give bulls time to consolidate and try and push prices back up. As we noted, the mood is still very bearish and the market very volatile at this time. The market is in dire of some positive news to bring back investor confidence and until this happens the market will continue to suffer from panic.
According to some experts, bitcoin- which is mostly dictating prices, has not yet bottomed out. Some of them note that bitcoin has been overpriced since last year following the entry of speculators. They also note that bitcoin could well drop to lows of $4,000 or $3,000.
Stellar Lumens will continue to freefall until there is some bullish momentum that moves the market.
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